How to Start Saving Money: 8 Money Saving Tips (2024)

FAQs

What is the easiest way to start saving money? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

Here's how it works: Instead of making an unplanned impulse purchase, you instead shelf that potential purchase for 30 days and deposit the money into your savings account instead. If you still want to buy that item after the 30 day period is up, go for it. Otherwise, the money stays in your savings account.

The goal of the Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits. November has 30 days so every day is a savings day. As shown in the picture below, daily savings deposits start at $1 a day for five days followed by $2, $3, and $4 each for five days.

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

To accept the $1,000-savings-in-30-days challenge, you'll need to save $250 a week—just over $35 per day. You can funnel the funds into a high yield savings account for safekeeping. Then, set up an automatic savings plan of $250 on a designated day of the week.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.

What is the 3 month rule? ›

The 3-month rule can be thought of as a rule, test, or even "probationary period" for dating that suggests waiting three months before deciding whether to commit to a person. And given all we know about the initial stages of dating, it's pretty solid advice.

The 50-30-20 rule is intended to help individuals manage their after-tax income, primarily to have funds on hand for emergencies and savings for retirement. Every household should prioritize creating an emergency fund in case of job losses, unexpected medical expenses, or any other unforeseen monetary cost.

The seven percent savings rule provides a simple yet powerful guideline—save seven percent of your gross income before any taxes or other deductions come out of your paycheck. Saving at this level can help you make continuous progress towards your financial goals through the inevitable ups and downs of life.

If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week. That timeline can also provide you an opportunity to invest in a high-yielding time deposit account.

To accept the $1,000-savings-in-30-days challenge, you'll need to save $250 a week—just over $35 per day. You can funnel the funds into a high yield savings account for safekeeping. Then, set up an automatic savings plan of $250 on a designated day of the week.